In this way Governor Holden's Administration managed in two years to increase the public debt of North Carolina from $16,000,000 to $32,000,000.

The state debt of South Carolina rose from $7,000,000 to $29,000,000 in 1873.

In Alabama, by 1874, the debt had mounted from $7,000,000 to $32,000,000.

The public debt of Louisiana rose from $14,000,000 in 1868 to $48,000,000 in 1871, with a local debt of $31,000,000.

Cities, towns, and counties sold bonds by the bale.